HomeInsuranceMercury Insurance sells office building • St Pete Catalyst

Mercury Insurance sells office building • St Pete Catalyst

Tampa-based Convergent Capital Partners, a private real estate equity firm, has purchased Mercury Insurance Co-Florida’s Clearwater office building in a $19.6 million deal.

The acquisition, which closed March 29, includes the eight-story, 157,379-square-foot office building as well as a five-story parking garage at 1901 Ulmerton Road. 

The California-based insurance company purchased the building in 2005 for approximately $24.88 million. 

The Class A office building, built in 1999, features a community gym and on-site café, according to a Loopnet listing, which previously advertised the property for lease. 

Convergent Capital Partners assumed a $9.8 million mortgage through Mercury Insurance for the property purchase. 

The investment group, which seeks value-add, opportunistic and specialty situation investments, has made numerous significant investments in the local market in acquiring office buildings, retail centers and apartments. Since its founding in 2008, the firm has invested over $2 billion in real estate assets and debt, according to the company’s profile. 

Convergent Capital Partners previously purchased the 250,000-square-foot Tampa Bay Times’ HQ in St. Petersburg in 2016 and sold it two years later. Other previous investments include the 250-room Hyatt Regency Clearwater Beach Spa and Resort, which it purchased in 2013 and sold in 2016 for $120.5 million.  

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